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Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik
The era of quantum computing is about to begin, with profound implications for the global economy and the financial system. Rapid development of quantum computing brings both benefits and risks. Quantum computers can revolutionize industries and fields that require significant computing power, including modeling financial markets, designing new effective medicines and vaccines, and empowering artificial intelligence, as well as creating a new and secure way of communication (quantum Internet). But they would also crack many of the current encryption algorithms and threaten financial stability by compromising the security of mobile banking, e-commerce, fintech, digital currencies, and Internet information exchange. While the work on quantum-safe encryption is still in progress, financial institutions should take steps now to prepare for the cryptographic transition, by assessing future and retroactive risks from quantum computers, taking an inventory of their cryptographic algorithms (especially public keys), and building cryptographic agility to improve the overall cybersecurity resilience.
Devi Sridhar

it takes digital computers to do this increases exponentially with each dimension that is added. Not so with quantum computers. And the perils There are risks, however. The computing power of these mighty quantum machines could threaten modern cryptography. This has far-reaching implications for financial stability and privacy. Today’s cryptography is based on three main types of algorithms: symmetric keys , asymmetric keys (also known as public keys ), and hash functions . With symmetric keys, the same key is used to encrypt and decrypt a message

Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik

computing has the potential to transform the global economy and the financial sector, by accelerating scientific discovery and innovation. Fully functional quantum computers—when they appear—should revolutionize industries and fields that require significant computing power for simulations and optimizations that are too complex for conventional computers. For the financial system, quantum machines can greatly reduce the time to analyze complex risk positions or run Monte Carlo simulations, as well as increase their accuracy. Quantum computing can also speed up machine